Major cryptocurrencies traded mixed on Tuesday evening, with Bitcoin going above the $27,000 mark, displaying some resilience amidst the ongoing Israel-Hamas war.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | -0.62% | $27,435 |
| Ethereum ETH/USD | -0.32% | $1,574 |
| Dogecoin DOGE/USD | +0.91% | $0.059 |
What Happened: According to a local news report, the Israeli police have halted cryptocurrency accounts associated with Hamas.
Collaborative efforts between the digital division of the Israel Police’s Lahav 433, the nation’s defense ministry, intelligence sectors, and the cryptocurrency platform Binance played a crucial role in identifying the specific accounts. The report also mentions that the funds seized from these accounts will be directed to Israel’s national coffers.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Tezos | +6.05% | $0.69 |
| Klayton | +3.62% | $0.12 |
| Cosmos | +3.47% | $6.93 |
The global crypto market cap currently stands at $1.07 trillion, reflecting a decrease of 0.46% in the past 24 hours.
U.S. stocks recorded gains on Tuesday, benefiting from the decline in Treasury yields, while investors carefully evaluated the geopolitical risks arising from the Israel-Hamas war. The S&P 500 ended at 4,358.24, registering a 0.52% rise. The Nasdaq Composite saw a 0.58% increase, closing at 13,562.84.
Investors turned to safe assets amidst the ongoing conflict, leading to a significant drop of nearly 13 basis points in the benchmark 10-year Treasury yield, which settled at approximately 4.65%. It’s worth noting that yields and prices move in opposite directions.
See More: Best Cryptocurrency Scanners
Analyst Notes
According to crypto analyst Michael Van de Poppe, Bitcoin continues to exhibit weakness compared to other assets. He points out that the Nasdaq is gaining momentum, while gold remains strong and the Dollar is declining along with Yields.
In this scenario, a desirable long entry point would be if Bitcoin makes a move towards the range of $27.1k-27.3K. However, it is important to note that if Bitcoin falls below a certain level, it would invalidate the uptrend and potentially target $26.3K. "Still think Q4 is up."
Crypto analyst Benjamin Cowen, expressed his opinion on the future of Ethereum. According to Cowen, Ethereum is facing the possibility of a collapse by the end of the year. "We've still got to see ETH go home, my friends, and it hasn't happened yet. So, I think that it will. And again, you can see on these lower time frames, at least over the last year and a little over a year, that it's trying to hold those levels. But again, at some point, it likely breaks, and when it does, that's likely when Ethereum starts to head home."
On-chain analytics platform Santiment said that during the past week, most market caps in the crypto industry have seen slight corrections. Surprisingly, Bitcoin has remained stable at the $27.4K level. Notably, two cryptocurrencies that have stood out are XMR, which has experienced a 3.7% increase, and RNDR, with a 4.5% increase. These conditions historically favor BTC maximalist.
Photo by Igor Faun on Shutterstock
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